GYGZL03-12J50/125(21008)C光缆某项含义表述不正确项是()。
A.室外光缆
B.非金属光缆
C.填充式光缆
D.聚乙烯护套
A.室外光缆
B.非金属光缆
C.填充式光缆
D.聚乙烯护套
A.某用户某月总示数值为156,尖峰示数为0,平段示数为125,峰段示数为21,谷段示数为5
B.某用户某月总示数值为156,尖峰示数为0,平段示数为125,峰段示数为21,谷段示数为10
C.某用户某月总示数值为156,尖峰示数为0,平段示数为125,峰段示数为21,谷段示数为9
D.某用户某月总示数值为180,尖峰示数为0,平段示数为155,峰段示数为15,谷段示数为10
The statement of financial position of BKB Co provides the following information:
BKB Co has an equity beta of 1·2 and the ex-dividend market value of the company’s equity is $125 million. The ex-interest market value of the convertible bonds is $21 million and the ex-dividend market value of the preference shares is $6·25 million.
The convertible bonds of BKB Co have a conversion ratio of 19 ordinary shares per bond. The conversion date and redemption date are both on the same date in five years’ time. The current ordinary share price of BKB Co is expected to increase by 4% per year for the foreseeable future.
The overdraft has a variable interest rate which is currently 6% per year and BKB Co expects this to increase in the near future. The overdraft has not changed in size over the last financial year, although one year ago the overdraft interest rate was 4% per year. The company’s bank will not allow the overdraft to increase from its current level.
The equity risk premium is 5% per year and the risk-free rate of return is 4% per year. BKB Co pays profit tax at an annual rate of 30% per year.
Required:
(a) Calculate the market value after-tax weighted average cost of capital of BKB Co, explaining clearly any assumptions you make. (12 marks)
(b) Discuss why market value weighted average cost of capital is preferred to book value weighted average cost of capital when making investment decisions. (4 marks)
(c) Comment on the interest rate risk faced by BKB Co and discuss briefly how this risk can be managed. (5 marks)
(d) Discuss the attractions to a company of convertible debt compared to a bank loan of a similar maturity as a source of finance. (4 marks)
A.外商与港澳台商独资企业逐渐主导了我国高新技术产品出口
B.私营企业已成为高新技术产品出口的一支不可忽视的新生力量
C.1996-2003年间,国有企业出口额在逐年下降
D.1999-2003年问,我国从事高薪技术产品出口的企业数量迅猛增加